Market Update – July 29 – Inventories rise, US dollar lowers on final trading day of month

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    USDIndex the tank descends again 105.75, from 106.80. The US is in a technical recession (2 consecutive quarters of contraction) after 2nd quarter GDP -0.9% & (Q1 -1.6%), and GDP inflation rose to 8.7% from 8.0%), but unemployment remains very low and job creation (Claims fell on 256 thousand from 261 thousand) and wage growth is strong. US stocks rallied another 1%+ in anticipation of slower rate hikes. AMZN +1.08% & ENJOY+0.36%, both beat After-hours earnings, stocks rose 3% and 12%respectively. meta -5.2% and QCOM -4.54%. Asian markets are mixed (Hang Sen -2.02%, Nikkei -0.03%). European FUTS is higher. Productivity continue to see-saw, today -1.94%, Oil under 97 dollars, gold is broken 1760 dollars and BTC moved to 24 thousand dollars.

    Biden and Si the meeting was bypassed Taiwan to speak Ukrainian forces plan counterattacks in the south, Russia shells Kyiv.

    • USDIndex weakens further to 105.45 now. EN outperforms again in the Asian session.
    • ActionsUS500 closed higher +48.8 points (+1.21%) (4072), US500FUTS on 4105 now. Bears are tightening, 10 days north of 20-day MA. 4175 the next key resistance
    • Productivity The 10-year yield declined 2.681%down again to 2.67% now.
    • oil – reached its peak US$99.80 yesterday to check US$96.00 before recovering 97.00 USD now.
    • gold – hacked and cracked key of 20 day MA (1745 dollars) and 1750 dollars. Trades on 1765 dollars now.
    • Bitcoin also rallied amid a weaker US dollar for trade 24.1 thousand dollars now.
    • Currency marketsEURUSD flocked to check 1.0250 on EZ news, USDJPY fell 1% lower 133.00 to 132.75. The cable broke 1.2200 and trades on 1.2225.

    Overnight stay – JPY In Tokyo, inflation is higher, retail sales, housing starts and consumer confidence are weaker, AUD PPI is built in, French GDP is better German Import prices according to.

    today – German Flash GDP and Unemployment, EZ Flash CPI and Flash 2nd quarter GDP, US Cher PCE, US PMI in Chicago, Canada GDP

    The largest FX Mover @ (06:30 GMT) USDJPY (-1.13%). A key technical level has been breached at 133.00 today and tests 132.50. MAs aligned lower, MACD histogram negative and falling, RSI 19.77, OS and bearish, H1 ATR 0.365, Daily ATR 1.230.

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    Stuart Cowell

    Chief market analyst

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